Mix the champagne and water together.
Place the chicken stock in a pan and heat until simmering. Keep at this temperature while you are cooking the rice.
Add shallots and saute until soft, about 1 minute. Add the rice and cook for about 2-3 minutes until slightly toasty brown. Add the champagne water mixture and begin stirring the rice constantly, until the liquid mixture is mostly absorbed into the rice. Add a ladle-full of the warm chicken stock, still constantly stirring the rice until the liquid is absorbed. Keep adding the chicken stock in small amounts, making sure it is mostly absorbed until the next ladle-full is added, and still stirring the entire time. The whole process should take between 20-24 minutes. The rice should be al dente, and not mushy.
When the rice is the correct consistency, add the Parmesan cheese and stir.
Add salt and pepper to taste.
Add vegetables to rice and mix.
Serve rice topped with shrimp and Parmesan shavings for garnish.